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Fleming Financial Services Blog

At Fleming Financial Services, Inc., our role is to assist our clients in defining and realizing their financial objectives and goals. We work with our clients to implement personalized plans designed for their unique situations. Our areas of concentration are: Retirement planning, Estate and Wealth Transfer strategies, and Business Continuation planning. We emphasize the importance of conducting our business with integrity and professionalism. As a member of PartnersFinancial, an independent national financial services company, we are able to provide access to sophisticated resources for the benefit of our clients. Some of the professionals with our firm are currently registered to conduct business through NFP Securities, Inc. With those additional resources in place, we help facilitate the complex corporate and personal financial decisions our clients must make.

What to do when your 401(k) doesn’t cut It

Thomas Joseph Thomas Joseph , 4/16/2015
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piggy-bank-661969_1280If you are paying into a 401(k), you are doing very well in comparison to the millions of people who have literally not saved one penny for retirement.  Plus, a 401(k) is usually matched by employer contributions and it grows faster than other types of investments because it enjoys tax-deferred growth. While a 401(k) is great, remember that it can have shortcomings.  For starters, you are limited on the choices you have in relation to the mutual funds you can invest in.  And although the tax-deferral is a plus while you're saving, once you start withdrawing from it, the taxes will become due, and you have to keep this in mind when you're saving.  You don't want to think that you'll have access to all of the funds, when in reality; you'll only have access to the part of it that isn't paid toward taxes. If you discover that your 401(k) isn't going to provide you with the retirement you had hoped for, it is crucial that you remedy this situation as soon as possible by opening up another retirement account.  A professional accountant can explain to you your options. Also, depending on what you want the money for; you may want to invest in a life insurance policy.  Take for example that you want to leave behind part of your retirement to pay for your grandchildren's college expenses but you know there won't be enough left over; this is the perfect example of why you would benefit having life insurance.  You'll have peace of mind in knowing that your loved ones will be taken care of.